2023-03-16 11:17:51 ET
Paratek Pharmaceuticals ( NASDAQ: PRTK ) stock fell ~25% on Thursday after the company's FY23 revenue outlook was seen below estimates.
GAAP EPS was -$1.17, compared to -$1.22 in Q4 2021.
Total revenue grew +137.7% Y/Y to $75.6M and also beat analysts estimates which was $63.47M.
Q4 U.S. sales of antibiotic Nuzyra, which is used to treat bacterial pneumonia and skin infections, grew +221% Y/Y to $66.4M.
Meanwhile, government contract service and grant revenue earned from cost reimbursement under the BARDA contract increased +83% Y/Y to $8.4M.
Collaboration and royalty revenue was $0.8M, which mainly represents royalty revenues from sales of acne therapy S Seysara (sarecycline) in the U.S., according to the company.
Total revenue for full year 2022 grew +23% Y/Y to $160.3M, surpassing consensus Revenue Estimate of $148.18M.
Full year 2022 net U.S. sales of Nuzyra increased +29% Y/Y to $136.8M.
Paratek noted that cash and cash equivalents as of Dec. 31, 2022 were $34.2M, which combined with $36.1M in cash received from BARDA for the second procurement of Nuzyra, yielded a pro forma cash and cash equivalents of $70.3M as of Jan. 4, 2023.
Outlook :
Paratek expects full year 2023 revenue to be between $143M and $158M, consensus $232.01M.
The outlook includes Nuzyra net U.S. sales of about $125M to $135M. BARDA government contract service and grant revenue expected between $15M and $20M. Royalty and collaboration revenue of about $3M.
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Paratek stock slumps ~25% despite Q4 revenue beat as FY23 sales outlook below estimates